A portfolio can consist of programs or projects or a cluster of portfolios with varied parameters. Handling a portfolio requires a software that must help you monitor a full range of projects seamlessly. In this article at ProjectManager.com, Peter Landau shares the things you should consider before zeroing in on a project portfolio management software.
Things to Consider
A project portfolio management software is specifically created to help PMOs and leaders look after projects or programs across organization in terms of development, administration, and monitoring. You should know what exactly you need the software for and who would be using it before comparing its features with other PPM tools available in the market.
Essential PPM Functions
Below are the functions every project portfolio management software should have:
- Management of several programs and projects
- Task management across organization
- Resource scheduling and effort tracking
- Scheduling and event management
- Cost management for all projects
- Efficiency in risk, cost, and change management
- Enterprise-wide collaboration
- Organizational report management
Features You Must Look For
- Real-time Dashboards: To manage all projects and programs, your software should be cloud-based so that you can access and analyze real-time data and take informed decisions. Your PPM software should capture project performance, track team’s activities, report budget, and check work status all in a single real-time dashboard. If you want more information, you will get it with a few clicks instead of searching everywhere.
- Gantt Chart: This chart helps you understand task dependencies and automatically updates date when task prioritization changes for a single or a multitude of interconnected projects in your organization. You can upload project-related files and discuss about the new direction in the forum. It gives you ‘a roadmap view’ of all the projects and related tasks.
- Managing Resources: Overburdening teams with work leads to resentment and reduction in quality as well as productivity. An enterprise resource management tool points out the current workload of each project or program. You can shift resources to hasten the work of a team that is running behind the schedule. It also shows you holiday plans of team members working for your portfolio across the organization.
- Reporting: As a portfolio manager, you are required to create and send out various types of reports. While your team requires a detailed report, stakeholders just want the highlights. Your tool should have all the data so that you can prepare and customize a report by filtering out and editing certain fields. After creating the report, you should be able to send it to multiple people so that they can view the reports online or offline.
- Coordination: A coordinated team has a better chance at succeeding than an isolated one. Your PPM tool should allow team members to be connected for task management, knowledge transfer or sharing, file uploads, etc. It should make it possible for team members to coordinate irrespective of time and location.
To view the original article in full, visit the following link: https://www.projectmanager.com/blog/how-choose-project-portfolio-management-software